Suppose you've decided that this is the year to achieve your business dreams from your home because you realize all the benefits that come with doing what you do best as and when you see fit. But there's one glaringly obvious problem - your current home is too small. Here's how to make the necessary changes, so you can accommodate both. 

If you're looking for a new home in the Reno/Sparks area, visit our Reno Property Management website. 

Check if it is allowed
Before you even decide on a home where you can run your business, you'll first have to check if it is allowed. This would entail checking the rules of business zoning in your area to see if you can operate your business from your home premises. Furthermore, you may have to apply for a special license or permit depending on the type of industry you're in. So best to have these all checked out before you even resume operations so that you don't end up entangled in all sorts of red tape before you even begin. 

Check your budget
Your budget will also have to be tailored to take into account your move, what with all the extra expenses that will be involved in moving your business and its belongings over with you. For example, you may need to take out extra insurance depending on the coverage provided by your moving company if the coverage they do provide is insufficient. Also, your budget is going to have to cover all the extra expenses associated with moving and if you're moving to a new state then the additional cost of living expenses will need to be taken into account too. 

Finding a property that will meet all your requirements
Finding a property that is going to meet all your requirements is going to be something else to think about too. After all, it's going to have to be big enough to cater to both your business and your family. Furthermore, it may have to have additional rooms for a home office, for example, and it may also need to have ample parking space or access to ample parking space if you are going to have clients visiting every now and again. 

Make sure you have all the basics covered 
If you are planning on going full steam ahead with your business operations as soon as you're settled in, then you'll want to make sure you have all the basics covered as far as equipment and furniture goes. When thinking of choosing the right furniture for your home office, you should combine practicality with style to ensure that you are as productive as possible in your home office. 

Then, you'll want to think about investing in the necessary software to run your business smoothly. You will require an easy to use bookkeeping system to ensure your accounting efforts are up-to-date at all times. Here, we're referring to accounting software that allows you to store and organize your receipts adequately so that you can benefit from tax savings down the line whilst adhering to the applicable tax legislation. It should also provide you with the tools to manage your cash flow better so that you stay on top of incoming and outgoing expenses.

These are just a few of the major deliberations that need to be had before you think about up and moving everything somewhere new. But it's vital that you do to ensure you have the wherewithal to not only cope but thrive during this new transition. 
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Learn about the questions to ask when viewing a rental property so you can ensure that you rent the best possible home for you and your family!

Finding a home is a tiring and challenging task. Even if you rent a property, it is still a place where you will spend a part of your life. So, naturally, you want it to be perfect for your wants and needs. To help you find one such place, here are some questions to ask when viewing a rental property.

How and when should I pay rent?
Different landlords have different preferences when it comes to paying rent. This is why one of the most important questions to ask a prospective landlord is how they expect you to pay and when. After all, it makes a difference. If your landlord expects the rent on the fifth of every month, it will affect how you budget your money until the end of the month. If you need to pay your rent around the thirtieth, when you typically have the least amount of cash on hand, you have to plan before it. Similarly, some landlords like to get cash in person and might visit or require you to visit them. While some prefer you transfer the money to them online.

Can I expect the rent to change?
​Asking whether the rent will change in the future is essential, especially if you plan to live somewhere long-term. Living in a 'perfect' apartment for a couple of months only to have your rent nearly double all of a sudden is the worst. If you can't afford the new price, you might need to move out in a hurry. This is why a wise sub-question is: Will you inform me at least a month or two of your decision before you change the rent? 

How much are the utilities?
Sometimes, you come across a place for rent that seems like it’s come straight out of your dreams. The property is beautiful, the rooms amazingly organized, and the furniture and appliances in top condition. Even the rent might be low! You rent it out quickly and live your life in bliss for a month. And then you get hit by the sky-high utility bills. Another intelligent question in the same vein is whether there are any outstanding utility debts because they can either land on your head or increase the cost of your utilities.

Will you help with any repairs?
Knowing who is responsible for what is critical when trying to find your ideal rental. If an appliance breaks down, can you count on your landlord to replace it? What about if a leak suddenly pops up in your bathroom? Or if there is a problem with the roof? If you do not clarify such things beforehand, you might have to spend a lot more money than you originally planned to.

Can I freely decorate?
​Everyone wants to feel at home in the place they're renting, and there are many things to do after moving that can help them feel that way, from unpacking and cleaning to decorating. It's important to focus on these steps and make your rental feel like home, but be careful with decorating. Some landlords do not like it when you make too many changes. So, make sure to clarify how far you can go.

Do you allow pets?
Do not assume that just because your landlord hasn't explicitly told you that you couldn't keep a pet, you can do it. The subject might not even come up unless you bring a pet to viewing. And if you get a pet or already own one, you may be in trouble if you haven't discussed it with your landlord. If you want to find the best possible rental property for you, one of the most important questions to ask when viewing a rental property is whether or not pets are allowed.

How often will you visit?
Some landlords like to make sure their property is well looked after. Some, however, take this too far and pop in to check on you every other week. If this is something that would make you uncomfortable, then you need to check with your potential landlord and figure out how often they are planning to make visits.

Have you had infestations before?
Among questions to ask when viewing a rental property, asking about previous infestations in a rental is often overlooked. This is a mistake, especially if you are looking for an apartment. Just because you've called in exterminators in apartment buildings doesn't mean your neighbors have. And if they have declined to do it, the infestation will repeat itself frequently. Not to mention that taking care of an infestation might require you to move out and take your things with you temporarily. Disassembling furniture when moving to make it easier to transport is a hassle. Let alone finding a temporary place to stay. So, it may be best to pass up on such apartments.

How new are the appliances?
You might think it's not polite to ask about the age of appliances in a furnished apartment viewing. However, this is a crucial question if your landlord has made it clear that you will need to take care of replacements or repairs. Even if the landlord pays, it will still be a pain if things break down often.

Have neighbors caused problems before?
If there is one thing that can make life a living hell, it's terrible neighbors. One of the important questions to ask when viewing a rental property is whether there have been problems with the neighbors in the past. If the landlord admits to having had problems, or if they get dodgy with their answers, pass up the property. Of course, the landlord, not living on the property themselves, might not know enough to comment on this. So, one of the things to remember when moving out of your rental apartment, if you want to be extra nice, is to leave your contact info so prospective tenants can consult you about your experiences.

Final advice
​Now that you are familiar with the questions to ask when viewing a rental property, the only thing left is to be patient. Never rush into renting a place because it seems nice or because it’s cheap. Sometimes, paying a little more is worth it in the long run. And even the prettiest of rentals might be hiding serious problems.

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​With age come issues. That's just how it is, in life in general. However, it also applies to properties. You can expect that the place you once rented out to tenants won't end up looking the same following their departure. Minor repairs are invariably required, even if the property has been regularly taken care of. Damages, however, should in no way be a part of the deal. Still, you may be struggling to determine what's considered a sign of aging and what occurred due to tenant negligence. Lucky enough, we've taken the time to point out the difference between normal wear and tear vs. property damage. Once you've determined what case your rental is falling into, you'll be able to act accordingly.

Normal Wear and Tear vs. Property Damage: The Difference and the GiveawaysThe majority of state laws suggest that your tenants aren't liable for the wear and tear that occurs due to everyday use. They are, however, held accountable for any damage that's a result of their carelessness. This could easily end up costing them their security deposit, at the very least. A notice to vacate and eviction are not off the table, either.

What Is Considered "Normal Wear and Tear"?
Issues caused by daily use and can't be avoided typically fall into the regular wear and tear category. Everything has a life span, and when someone's living on the premises long enough, certain things will require upgrading - or even full-on replacing after some time. The typical examples of normal deterioration are:

• Faded or worn out carpets
• Scuffs on hardwood floors
• Minor scuffs on walls
• Loose doorknobs
• Dirty grout between the tiles
• Yellowing on blinds
• Warped windows and door frames

What Is Considered "Damage"?
While there's little to be done about wear and tear, damage, however, is undoubtedly preventable. It's the result of none other than absolute negligence or even misuse. It's often expensive to deal with, causing extreme losses for property owners, and thus, it might even earn tenants an eviction notice.

At times, damage can occur after tenants' departure, or rather, during their moving process. In most cases, the professional movers are in charge of relocations. When damages result from their work, it might be possible to get compensated if the company has general liability insurance. It's important to react on time - have the previous residents file a claim as soon as you've noticed the problem.

Identifying damage is difficult but not impossible. Here are a couple of examples:

• Burned or stained carpets
• Paintwork that wasn't previously authorized
• Missing/broken blinds
• Tub/sink/toilet cracks or damaged enamel
• Broken windows
• Holes in walls or doors

How to Care For Your Rental Property and Address Damage?
Now that you are familiar with the notion of normal wear and tear vs. damage, it's time to discuss caring for a property. It's necessary to stay on top of the maintenance, as, down the line, it might prevent things from going south. Or, at the very least, it might prevent things from deteriorating any further.

The first step towards ensuring your property remains in the best condition possible is to screen the tenants before they sign a lease. Tenant frauds aren't uncommon, so taking an extra measure to protect your rental is absolutely warranted.

Create a Maintenance Plan
​It's essential to keep up with regular maintenance while the tenants live on the premises. Talk to them about creating a maintenance plan. Have them inform you of anything that requires addressing promptly. If, for instance, appliances are reaching the end of their lifespan, replace them with new ones. Have the HVAC regularly maintained, as well. If you can't physically keep up with these tasks for whatever reason, it might be a smart idea to hire a property manager. They can keep in touch with your tenants. Furthermore, handling maintenance requests is what they excel at.

Have the Place Inspected Properly
We recommend documenting the condition of your rental both before the tenants' arrival and after their departure. Create an inspection checklist that a series of photos should preferably accompany. That way, should any issues occur, you'll have the necessary proof to handle them in an appropriate manner. Also, you could have future occupiers sign the checklist, too, for added protection.

Create a List of Charges
Hopefully, no damage has occurred on the premises. But if it has, once you have done a walkthrough of the property or had somebody professionally inspect the place, it's crucial to create a charge list to be sent to the previous renters. The list should include all damages explained in detail, along with the costs of repair. As an owner, you are required by law to send the list if the plan is to withhold the security deposit. Depending on the damage score, tenants could expect to lose either a part of their deposit or their entire deposit.

If you aren't quite sure about the costs of repair/replacement, it's necessary to contact someone capable of giving you an estimate. That someone may be a cleaner or a contractor. If it's the furniture or appliances that have suffered in the process, then calculate how much it will cost you to replace them.

The security deposit might not be able to cover the costs. In that case, you could take the case to court to get matters settled. Alternatively, mediation might help resolve the dispute.

Normal wear and tear vs. property damage – what is it and who's to blame?
Hopefully, you'll have managed to determine normal wear and tear vs. property damage difference by now. While there's not much to be done but tackle repairs yourself in the first case, the law is undoubtedly on your side as far as the second is concerned.

Buying an investment property in Nevada is a financially wise decision. And not only because it's a valuable asset that can provide you with a significant passive income. On top of that, it can be a stress-free occupation. You can run a rental business any way that suits you. However, to ensure everything goes smoothly, it's better to choose the location carefully. Both local and long-distance landlords face different challenges and enjoy different benefits. Before you decide, it's best to consider both options. With that in mind, we've decided to examine both possibilities and help you make the right choice. So, local vs. long-distance investing: which is better for Nevada landlords?
How to make the right decision?
Firstly, before you start searching for the right property, you need to ask yourself a few questions. Knowing the answers will help you make up your mind and make a sound decision. So, ask yourself the following questions:

• What are your overall financial goals?
• Are you interested in cash flow, appreciation, or both?
• Are you planning to self-manage, or would you rather hire a property management company?

Decide on your financial goals
So, what are your financial goals? Do you want to get out of debt, gain independence, or accumulate wealth? To answer this question, you need to first assess your current finances. Then visualize where you want to be in the next five, ten, or twenty years. Knowing this will help you focus your investing in the right direction.

Choose the right market
Next, you need to decide on the right market. For example, you might want to have a high rent-to-value ratio. In that case, you should choose a cash-flow market that will provide you with valuable income. Or, if generating the cash flow isn't your priority, you might want to choose a market with a potential for long-term appreciation. Lastly, hybrid markets offer a mix of both options. Of course, what you decide on depends on your long-term goals.
Self-management or using property management?
To determine your real estate strategy, you need to answer this question. Maintaining the property and dealing with tenants can be pretty overwhelming at times. From the potential renovation of the property to tenants losing their keys for the n-th time, self-managing demands a lot of effort and work.
 
However, some landowners prefer to be in charge and gladly take on these responsibilities. If that is the case with you, there is no dilemma. In local vs. long-distance, local investment property is a clear winner.
 
On the other hand, if you'd rather hire a third party to manage your property, both options may work for you. In that case, the key is to find an experienced property management company you can rely on. Whether you choose a local or long-distance property, you'll be able to save both time and effort while they manage your rental business for you.

Local investment property
Now, let's have a closer look at what you can expect from buying a local investment property.
Familiarity with the market
The first and most obvious advantage is that you're more likely to be familiar with the market when you're investing locally. Every local market is unique, and knowing little flows and trends can help you invest in the right property. You'll know all the local attractions and amenities that are likely to attract tenants. However, doing proper research is still a must.
You'll have more control
This is crucial for many landlords in the local vs. long-distance dilemma. While it's not impossible to manage your property long-distance by yourself, it's certainly more demanding. On the other hand, you can choose a more hands-on approach as a local landlord. For example, you can meet with your tenants when necessary, show your property in person, and perform an inspection of the property.
You can hire local contractors when necessary
When you delve into investing in real estate, you're bound to need contractors at some point. Whether you want to remodel that fixer-upper or need some repairs, finding the right contractors locally is much more manageable. Firstly, you can choose them yourself and ensure they're suitable for the task. Secondly, they're less likely to try and take advantage of your absence.

Long-distance investment property
However, long-distance investments also come with their own set of advantages and drawbacks. Let's have a proper look.
A wider range of investment opportunities
Depending on where you live, your local market might not be able to offer you what you want. What if you need cash flow but live in an appreciation market? On the other hand, if you don't limit yourself, you can opt for a more profitable market with a higher return on investment.
 
If you find the right property in other parts of Nevada, you might even want to relocate there! If the business proves very lucrative, this might be an excellent idea. However, if you want to live nearby, ensure you plan your long-distance relocation with care. From packing your belongings to hiring trustworthy movers - many tasks will require your attention!
Use a property management company
Of course, you can do this on a local level, too. However, limiting yourself may lead to losing some excellent opportunities. And if you plan to hire property managers in either case, a long-distance investment can be a better choice. There are many reasons to hire property managers! Although it may seem a more expensive option at first, it can save you money in the long run. Especially if you don't have a lot of experience - they'll ensure your tenants are satisfied and your property in good condition.
You can use your property for a variety of purposes
While your goal is mainly to rent your property to tenants, you can also use it as a vacation home in between. Or, your kids can use it when they start college - no accommodation worries! And lastly, you might choose to relocate or retire there someday.
The bottom line
As you may see, there are many things landlords should consider when it comes to local vs. long-distance investing. Both options come with their unique advantages and issues. However, once you know your long-term goals and preferences, you'll be able to make the right choice.
Meta description: Buying the right investment property is not an easy task. Find out which is better for landlords - local vs. long-distance investing!

​There are many reasons why someone would consider hiring a property manager. There are also many reasons why people rent storage. Both of these options come with numerous benefits. However, not many people consider that a property manager can benefit from a storage solution, too. To understand how, we will first go over why people hire property management services and how property owners take advantage of self-storage options.

Owning a rental property comes with many responsibilities. Sometimes, property owners don't have sufficient time to handle them all themselves due to their work and family obligations. Moreover, if they own multiple rental properties, managing them all successfully becomes downright impossible. 
Here are some of the most significant benefits of hiring a property manager:

• Tenant screening. Property managers will ensure you only rent to quality tenants, who will pay the rent on time, stay there for a longer time, cause few problems, and take care of your property. 
• Reduced vacancy rate. Tenant turnover is costly. After every tenant, you have to pay for cleaning services, change the locks, paint the apartment, and take care of necessary repairs. Long-term tenants reduce those expenses drastically. A property manager will know how to market your rental, determine a competitive rent rate, as well as oversee the necessary improvements.
• Liability issues. A property manager is familiar with all the state and federal laws. So, they know all the procedures regarding tenant eviction, lease contracts, inspections, rent collection, security deposits, etc. It will help avoid legal issues with your tenants.
• Handling unpleasant situations. In case of any issues, a property manager will know how to behave and what actions to take. For example, they will have no problem saying no if a tenant wants to get a pet and your apartment is not pet-friendly or let a friend move in. They will also ensure you are not taken advantage of in any way.
• Freedom to do whatever you want. You can live in one place and invest in properties in another. You can have a long holiday without worrying about who will take care of potential issues, or focus on your family and do whatever you want with your free time. 

​Renting storage is most often a solution to the lack of space in your home. You can rent a storage unit for various reasons, depending on what is going on in your life. Below are some of the most common reasons why people need storage solutions, be it long-term or short-term:

• Decluttering. Reducing the clutter in your home is one of the principal reasons for renting a storage unit. You can use it for seasonal items or things you are unsure whether you want to keep or it's best to sell or donate them.
• Moving to a new home. If you are downsizing and won't have enough space for all your belongings, self-storage is a good option for items you are not ready to part ways with. Also, your new home may not be ready yet, so a storage unit is a perfect way to keep your items safe until you are ready to move in. 
• Renovating. If you are doing some works around your home, the best way to keep your items safe from dust, dirt, and harm is to put them away. A storage unit will also help you maintain relative normalcy in your home while the works are underway. 
• Starting a hobby. If you can't make space for your new hobby in your home, a storage unit is an excellent solution. 

Whatever you use your storage unit for, make sure to keep it organized and tidy. What's the point in having all that extra space if you can't find your way around it?

​You may wonder how a property manager can benefit from a storage solution when the property they manage is not theirs. So, if there's anything to be placed in storage, it's upon the owner to do it. Also, if a property manager rents a unit for personal reasons, it's not like they benefit from it as a professional.
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Well, you will be surprised that, indeed, a property manager can take advantage of some extra storage space.

​As a property manager, owning some large machinery that has no place in an office may be necessary. It could be a professional vacuum, a lawnmower, or some tools. If such items were in your office, you would seem unprofessional. Moreover, jumping over such equipment can be hazardous. You have an option to rent a bigger office space that has a storage room, but it would be much more affordable to rent a storage unit. 

​You never know when a tenant will need your assistance or when a landscaping or cleaning team will need to access the equipment. If you have a viewing scheduled in the morning, your teams can pick up the equipment whenever is convenient and prepare the property before potential tenants arrive. 

​If a tenant brings their piece of furniture or wants to remove something from the rental, you have a solution to offer. Also, when tenants move out, they may leave some of their bulkier pieces behind. Your option may be to donate these items, but you can put them in storage for a while as well.

​Sometimes, a rental property will have to be repainted, some repairs will have to be done, or even some remodeling. Then, the best option is to keep all the furniture and appliances safe from harm. 

​You may want to have spare doorknobs, locks, faucets, or similar items in store if you need to replace them quickly. Buying such items in bulk can be a budget-friendly solution because you will be able to get them at a discounted price. Moreover, you can keep leftover paint and other materials until you need them for the next project.

​A property manager can benefit from a storage solution like any other person. Having extra space at your disposal for unexpected circumstances or storing bulky equipment is always advantageous. Ultimately, it can make property managers seem more professional and allow them to react swiftly in case of any trouble. All this can help property managers establish a great relationship with their clients and ensure long-term cooperation. 

Renting comes with many advantages, but the freedom to customize your living space according to your needs and preferences certainly isn't one of them. When a hefty safety deposit and a strict lease agreement are watching your every move, turning a rental into a home becomes a much more daunting task. Still, there is no reason to despair, even if you are still not ready to upgrade from tenant to homeowner. There are many budget-friendly ways to personalize your rental home that won't aggravate your landlord or your wallet. Stay tuned to see what they are.

Add some color to the walls
A fresh coat of paint can do wonders for transforming your living space. Owners typically opt for white or other neutral shades because they are universal and easy to paint over in between tenants. If this is too dull for your taste, you can always kindly ask your landlord to switch things up. If they are not too keen on the idea, offer to repaint the walls in the original color before the time comes to move out. Yes, this will be an extra expense you will need to account for, but since there are moving services for different needs and budgets available, you should be able to make an affordable plan without sacrificing anything.

Create an accent wall with removable wallpaper
This list of budget-friendly ways to personalize your rental home can't go without wallpaper. Removable wallpaper is a fantastic way to bring some color and style into your living space. There is a variety of colors, patterns, and even textures to choose from, so finding something that matches your taste shouldn't be an issue. You can even use it to upgrade the bathroom! Just be very careful when removing it if you want to get your security deposit back. If you chip or damage the walls, end-of-tenancy cleaning won't be your only issue when you decide to move.

Upgrade the lighting
Lighting plays an essential role in interior design. However, rentals usually cover only the bare necessities when it comes to illumination, be it natural or artificial. Luckily, addressing this issue is neither hard nor expensive.
You can find beautiful lamps and lighting fixtures on various online marketplaces and thrift stores for ridiculously low amounts of money. LED strip lights are an excellent solution for task lighting in the kitchen or bathroom. When it comes to wall and ceiling fixtures, you can opt for pendant lights that you can customize and arrange according to your liking if you are not allowed to install more.
Additionally, make sure to remove or replace your blinds and add airy curtains that will allow more sunlight into your living space.

Replace the hardware
Door knobs and cabinet pulls might seem insignificant, but they can really help you personalize your rental home. You can find cheap hardware online. The fact that replacing it requires minimal effort makes this trick even more attractive. Just make sure to store the original knobs, handles, and pulls in a safe place to avoid losing them.

Add a removable backsplash to your kitchen
Rarely will you find a rental with a kitchen backsplash that is just according to your liking. Luckily, you can easily address this with a removable backsplash. It will protect the walls from accidental spills and splashes and make the move-out cleaning significantly more manageable. Moreover, since it is so cheap, you can simply replace it once you get bored of the pattern.

Upgrade appliances and cabinets with contact paper
While there probably isn't much you can do about the appliances and cabinets in your rental, there are ways to make them look a bit more presentable. Contact paper! Simply clean and dry the surface you want to cover and carefully stick the paper to avoid air bubbles and creases. If you take your time with this, you might even convince your friends that you finally got that expensive stainless-steel fridge! When the time comes to move, simply remove the contact paper and no one will ever know.

Cover ugly flooring with area rugs
Since flooring isn't exactly cheap or easy to fix or replace, landlords typically don't address them unless absolutely necessary. As a result, many rentals have less than stellar floors that really affect the home's vibe. If this is the case with your apartment - there is no reason to panic! Area rugs can be a cheap and easy fix for this issue. Layer different sizes, colors, and shapes to cover the ugly spots and add a dose of coziness to your living space.

Personalize your rental home with plants
When it comes to home decor, plants are always an excellent choice. They are affordable, versatile, and capable of brightening up even the dreariest of places.
If you don't have much experience keeping them alive, know that many low-maintenance options thrive on neglect. Make sure to choose the plants that can survive with the conditions you will provide them. This means that succulents are probably not an ideal choice if your rental doesn't get much sunlight. Additionally, put your green friends in some cool planters, and place them on your shelves, hang them, or even use them to cover up the eyesores.

Don’t assume you can’t change anything
While there are many budget-friendly ways to personalize your rental home, they might not be enough for you. If you have more complex ideas in mind, don't just assume that you can do nothing about them. It's true that most landlords aren't big on allowing their tenants to make significant changes, but that might not be the case with your landlord. A kind approach, alongside responsible tenant behavior, could be enough to persuade the owner to loosen up the rules. Remember to be realistic about your demands and always offer to return the property to its previous condition. However, if your landlord won't budge and you simply don't feel at home in the rental - don't despair. There are many properties out there, and, with a bit of help, you will surely manage to find something that satisfies your needs and wishes.

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Flipping your first house is a thrilling undertaking. After putting in the hard work of choosing everything from the flooring to finding the perfect finishing decor, you should feel proud of your major accomplishment. Once you approach the end of your project, however, you are faced with one final decision: Sell the property or rent it out?
 
If you are torn between these two options, here are several important questions for you to consider.
 
How is the current housing market in your area?
One of the most significant factors in your decision to rent or sell should be the current housing market in your area. Do research to find out the following: Are home prices slumping, or are homes selling for a reasonable (or higher than normal) price? What is the current demand for rental properties in the area? What is the future outlook for home and rental prices?
 
Gathering data like this will help inform your decision. You can use this information to quickly assess whether renting or selling would bring you the highest profits. When it comes to flipping houses, knowledge is power.
 
Do you have the time to be a landlord?
For many individuals who flip houses, another major determining factor in renting or selling is the time they have available to dedicate toward being a landlord.
 
Landlords are responsible for the majority of repairs needed in a home or apartment. At a moment’s notice, you may need to replace electrical wiring, handle a plumbing emergency, or replace an appliance. Thankfully, those who don’t have the time to work as a landlord can hire an experienced property management company like Clark Real Estate. Property management companies handle most of the time-consuming duties involved in renting a property — including tenant screening, rent collection, and repairs.
 
If you instead opt to be the landlord of your property, ensure that you have plenty of extra funds saved. The cost of emergency repairs can quickly add up, so it is important to have enough in the bank to cover these expenses and that you work with qualified professionals to make repairs. For instance, if your rental property needs window repairs or replacement, you can find local contractors through Angi.com and view customer testimonials and feedback. Before hiring a service, insist that they’re licensed and insured and can provide you with referrals upon request.
 
What are your long-term financial goals?
If this is your first investment property, you may have not established long-term financial goals for this project. However, setting financial goals for yourself and for this property is critical in helping you decide how to move forward.
 
For example, are you looking to make a lump sum to reinvest into your business? This option makes the most sense if you are formally starting a career or side hustle as a house flipper. The cash that you will receive from the sale of your property will not only pay off any outstanding renovation bills, but it will also give you a large chunk of money to use on the next house you plan to flip. If you instead want this property to provide you with a stream of passive income, renting will always be the best choice. For as long as you desire, you can generate funds from this home with no extra work involved.
 
What do you plan on doing with any other fixer-uppers that you purchase?
Finally, consider your plans for any future fixer-uppers you plan to buy. Was this a one-time project, or are you planning to flip homes regularly? Do you want a mix of rental properties and ones that you decide to sell? Having this plan in mind will allow you to decide whether to rent or sell this current home and all future homes you purchase.
 
The finality of making the decision to rent or sell your fixer-upper can feel daunting. When you ask the right questions, and do plenty of research, you can rest assured that your final decision is the right one.
 
Clark Real Estate offers full-service property management services for property owners and investors in and around Reno. Call (775) 828-3355 to learn more!
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